Marketing research “The systematic collection, recording and analysis of data on problems related to the marketing of goods and services.”
Market research, on the other hand, is just a part of market research that covers some aspects of marketing. It is only the secondary function of marketing research: some companies use “marketing research” to describe the market research, size, geographic distribution, revenue, etc. However, it does not cover the idea of research on the effects of marketing efforts on markets, for which the term marketing research is more appropriate. Elements of market research.
1. Market Research. It covers aspects related to the size and nature of the market, including export markets that divide consumers in terms of age, gender, income (market segmentation), marketing economics, etc.
2.Sales Research. This relates to the problem of regional variations in sales, setting sales territories, measuring salesperson effectiveness, evaluating sales methods and incentives, etc.
3. Product research. This relates to analyzing the strengths or weaknesses of existing product testing issues related to diversification, simplification, trading up and down (all product line decisions), etc.
4. Investigation of packaging. In essence, it is a part of product research. But the recent development in packaging and its contribution to advertising have led it to occupy an independent position. This requires a separate study on the aspects of the package to know its impact and response in the market.
5. Advertising Research. Conduct a study related to the preparation of the advertising copy (copy research), the media to be used (media research), and the measurement of advertising effectiveness.
6. Business Economic Research. The main fields of research are problems related to entry and exit analysis, forecasting, price and earnings analysis, and the preparation of break-even charts.
7. Export Market Research. This research aims to study the export potential of the product. In such cases, any or all of the types of investigation mentioned above become necessary.